#forexbreakfast focus commodity (eng)
Last week the Bloomberg commodity index closed just above par, recording + 0.1%. The overall context was that of a slightly weakened dollar and a decent performing equity market. Despite the dynamics of the rate hike, the precious metals sector closed with + 1.5%. Gold closed above the support at $ 1700. Platinum + 6.3% is back above 1200 $ / o. The industrial metals sector was not very positive, + 0.3% despite mixed performances within it. Thanks to the situation in Chile, copper closed at + 1.6%. Iron drops -4.6% due to the changes desired by China on energy efficiency in companies. The energy sector drops -0.5%. The sharp decline for US natural gas -3.8% thanks to a milder than expected climate. Slight drops for the oil indices after the publication of the monthly EIA and OPEC reports. The EIA has revised its estimates for 2022 upwards, while OPEC remains cautious. The agricultural sector also falls -0.4%. Good week for Arabica coffee + 3.2%.
t After dropping below 67, Brent recovered to close just above $ 70. The indications remain similar to those of the previous week. The first resistance to monitor is the one at 71.75. Exceeding it could pave the way for an altitude of 75.6. On the downside, the support to be monitored remains that at 65.5. The weekly stochastic is in strong overbought territory.
Despite the rate hike, gold managed to close above the support at $ 1700. On the upside, only a close above the 1748 area could reinforce the bullish movement. On the downside, the 1666 area remains to be monitored. If this support were broken, the way would be opened for an altitude of 1591. The weekly stochastic remains strongly overbought.
Thanks to fears of a strike in Chile, copper managed to recover above $ 9,000. The holding of the support at 8805 remains crucial. A break of it could pave the way for area 8169. The weekly stochastic is in oversold territory, while the daily stochastic is in neutrality.
After testing the support at 15911, nickel prices remained around this level but closed above it. Given the strong level of overbought, it would be reasonable to expect a rise in the next few sessions. In case the support at 15911 is broken, the next support would be at 15000.